The National Security Group (NSG) and VR Insurance Holdings have entered into a definitive agreement, which will see VR Holdings acquire all common shares of NSG.
VR Holdings will pay $16.35 per share in cash for NSG’s common shares, valuing the transaction at approximately $41.4m.
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VR Holdings will leverage the operations and infrastructure of NSG’s wholly-owned property and casualty and life insurance operations.
NSG underwrites property, casualty, life, accident and health insurance in ten states of the US.
Upon completion, VR Holdings intends to make NSG a private company to further growth
NSG CEO William L. Brunson, Jr. said: “By combining our 75-year history of stability, underwriting expertise and commitment to our policyholders with the financial resources of the investor group led by Ranadivé, we expect to realise greater opportunities for growth and an enhanced ability to serve our policyholders and agent partners.”
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By GlobalDataFounded by Vivek Ranadivé, VR Holdings will serve as the holding company for NSG and potentially other insurance and financial services businesses.
Ranadivé has also been the founder and managing director of Bow Capital Management and its affiliated funds since 2016. He has also held the position of chairman, CEO and governor of Sacramento Kings since 2013.
NSG’s board of directors have approved the truncation, which awaits regulatory clearance and is expected to close in the second quarter of 2022.
